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Bitcoin Will Peak in December at $250K, Bobby Lee Predicts

Cryptocurrency expert, Bobby Lee has said that there will be a much bigger increase in the price of Bitcoin (BTC) in the near future. His early Bitcoin predictions have proven to be accurate in the current bull market so far.

In a December 2018 tweet, Lee said the next Bitcoin bull market would begin in late 2020, take off in early 2021, and peak in December of the same year. In the bull market, which began late last year, Bitcoin’s price surpassed its previous high of $20,000 in December and hit $30,000 in January.

“Bitcoin was less than $10,000 in 2018. No one was talking about it,” Lee told Cointelegraph.

While Lee withdrew his 2018 prediction of a $333,000 BTC peak by December, he still believes that the price of Bitcoin is  likely to leave the current one, roughly $55,000, in the dust:

I think it will be at least four to five times more. It will reach $200,000 to $250,000 this year.

More companies will follow Tesla’s lead and load up on Bitcoin

Lee points out that recent price fluctuations may be due to news that institutional investors like Tesla have entered the cryptocurrency. He also said that many in the crypto ecosystem are beginning to believe that the Securities and Exchange Commission (SEC) will approve Bitcoin exchange-traded funds (ETF).

Lee said because someone “as respected as Elon Musk” converted large transactions of Tesla Inc‘s balance sheet into Bitcoin, “every board member of every publicly listed company and even board members of private companies” may have to consider the same investment.

Lee points out that another company, SpaceX, led by Elon Musk, could follow Tesla. SpaceX Chief Financial Officer Brett Johnson is said to have attended a recent web conference on MicroStrategy’s Bitcoin strategy.

Lee’s long-term forecast is that Bitcoin prices will, however, plummet in 2022 and then bottom out at around $41,000 in January 2023. By 2028, BTC’s market capitalization will exceed gold, at which point prices could reach more than $500,000.

“When Bitcoin peaks, it will crash. The crash will be catastrophic,” Lee points out. “For many, that would be a big surprise.”

Currently based in Shanghai, Lee is the CEO of the crypto wallet company Ballet. Lee is one of the members of the Bitcoin Foundation’s board of directors and a former CEO of China’s first crypto exchange, BTCC, founded in 2011.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© MarkStevenson for Commodity Blog, 2021. | Permalink | No comment |
Published under: Bitcoin

Via Commodity Blog https://bit.ly/2OA2lVq

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